Under the background of "clear water and green mountains are priceless treasures", the importance of sewage treatment has become increasingly prominent. In 20 19, the total industrial water consumption in China reached123.7 billion cubic meters, with complex composition, serious pollution and high treatment cost. As a sub-industry of environmental protection, water environmental management has entered a new stage of tackling key problems in essence, and sustainable development cannot be separated from the "power" of innovation, which may put forward higher requirements for the technological innovation of Anhui Huaqi Environmental Protection Technology Co., Ltd. (hereinafter referred to as "Huaqi Environmental Protection").
Looking back, since 20 17, Huaqi's environmental protection revenue and net profit growth rate have declined in a "straight line". In 20 19, accounts receivable and notes receivable accounted for more than 60% of the revenue, or sold on credit; At the same time, the asset-liability ratio of Huaqi Environmental Protection is also increasing year by year. In addition, its two zero-person suppliers have cooperated for less than half a year. How do they support tens of millions of dollars in transactions? Moreover, Huaqi Environmental Protection still has confusion between suppliers and hundreds of companies or operations, and the authenticity of transaction data is in doubt.
First, the growth rate of revenue net profit showed a linear decline, and credit sales were high.
In recent years, Huaqi's environmental operating income and net profit growth rate have plummeted.
According to the prospectus dated 20 19,65438+February 8 (hereinafter referred to as "2019") and the prospectus dated August 26, 2020 (hereinafter referred to as "prospectus"), 2016-20/kloc- Huaqi's income from environmental protection business is 654.38+72 million yuan, 338 million yuan, 526 million yuan, 553 million yuan and 296.5438+0 million yuan respectively, and its net profit is 7.4422 million yuan, 26.575 million yuan, 62.65438+0287 million yuan and 70 million yuan respectively.
That is, from 20 17 to 20 19, Huaqi's environmental protection business income increased by 96. 14%, 55.5 1% and 5.27% respectively, and its net profit increased by 257.09% and 133.79% respectively.
It can be seen that from 20 17 to 20 19, the growth rate of Huaqi's environmental protection operating income and net profit declined linearly. Compared with 20 17, Huaqi Environmental Protection's revenue growth rate in 20 19 decreased by more than 90 percentage points, while its net profit growth rate in 20 19 decreased by about 243 percentage points.
It is worth noting that in 20 19, the sales revenue of water environment treatment engineering business, which accounts for 60% of Huaqi's main business income of environmental protection, showed negative growth.
According to the prospectus, the main business income of Huaqi Environmental Protection consists of water environment treatment projects, water treatment product sales and sewage treatment investment operations.
According to the 20 19 version of the prospectus and prospectus, the main business income contributed by Huaqi Environmental Protection Water Environment Treatment Project 2016-2016986200 yuan, 305574800 yuan and 372200 yuan respectively. In the same period, the main business income contributed by the sales of water treatment products was 375,726,543.8+0,000 yuan, 8,374,900 yuan and 65,438+0.423 yuan, respectively, and 470 yuan, 65,438+0.586,5438+0.074 million yuan, accounting for 265,438 yuan respectively.
According to the statistics of Jin Zhengyan Shanghai and Shenzhen Capital Group, from 20 17 to 20 19, the income growth rate of Huaqi environmental protection water environment treatment project was 16 1.2 1%, 2 1.96% and-6 respectively.
In other words, the water environment management engineering business, which accounts for more than 60% of Huaqi's main business income of environmental protection, experienced a negative growth in 20 19. The growth rate of water treatment products, another major business of Huaqi Environmental Protection, increased significantly in 20 18, but slowed down in 20 19.
According to the prospectus and prospectus of version 20 19, the sales expenses of Huaqi Environmental Protection in 20 16-20 19 were 5,906,800 yuan, 4,949,200 yuan,1.1375,800 yuan and 654,300 yuan respectively.
In the same period, the sales expense rates of Huaqi Environmental Protection were 3.43%, 65,438+0.46%, 2.65, 438+06% and 2.36% respectively.
According to the prospectus, the increase in Huaqi's environmental protection sales expenses is mainly due to the expansion of income scale.
It should be pointed out that the growth rate of Huaqi's environmental protection sales expenses is not consistent with the changing trend of its revenue growth rate. In 20 17, Huaqi's environmental protection business income increased by 96. 14%, and sales expenses increased by-16.21%; In 20 18, the growth rate of Huaqi's environmental protection income decreased to 55.5 1%, while the growth rate of sales expenses increased to 129.85%. It can be seen that the investment in Huaqi's environmental protection sales expenses may not affect its operating income. What is its ability to control sales expenses? Don't know yet.
On the other hand, in recent years, Huaqi's environmental asset-liability ratio has been rising year by year, with 20 17-20 18 falling into a state of "blood loss" twice, and again in the first half of 2020.
According to the prospectus, from 20 17 to 20 19, the asset-liability ratio of Huaqi Environmental Protection was 57.25%, 60. 14% and 62.66% respectively.
According to the data of Oriental Fortune Choice, from 20 17 to 20 19, the asset-liability ratio of the comparable listed company Anhui Zhonghuan Environmental Protection Technology Co., Ltd. (hereinafter referred to as "Zhonghuan Environmental Protection") was 28.95%, 52.39% and 61.45% respectively. The asset-liability ratios of Anhui Guozhen Environmental Protection and Energy Saving Technology Co., Ltd. (hereinafter referred to as "Guozhen Environmental Protection") are 72.6 1%, 74.7 1% and 74.1%respectively; The asset-liability ratio of Zhongzhi Water Co., Ltd. (hereinafter referred to as "Zhongzhi Shares") is 45.95%, 63.68% and 64.63% respectively; The asset-liability ratio of Heilongjiang Guo Zhong Water Co., Ltd. (hereinafter referred to as "Guo Zhong Water") is 20.33%, 3 1. 15% and 27.84% respectively; The asset-liability ratio of Yao Peng Environmental Protection Co., Ltd. (hereinafter referred to as "Yao Peng Environmental Protection") is 465,438+0.465,438+0%, 43.35% and 42.75% respectively; The asset-liability ratio of China Construction Huaneng Technology Co., Ltd. (hereinafter referred to as "China Construction Huaneng") is 38.75%, 47.82% and 44.54% respectively; The asset-liability ratio of Jiangxi Jindalai Environmental Protection Co., Ltd. (hereinafter referred to as "Jindalai") is 29. 13%, 35.07% and 34.5 1% respectively.
According to the data of the above seven comparable listed companies in the same industry, the average asset-liability ratio of the above industries was 39.59%, 49.74% and 49.98% from 20 17 to 20 19, respectively.
It can be seen that from 20 17 to 20 19, the asset-liability ratio of Huaqi Environmental Protection showed a continuous upward trend, which was higher than the industry average. Among the above seven comparable listed companies in the same industry, except Guozhen Environmental Protection and China Holdings, Huaqi Environmental Protection's asset-liability ratio is higher than the other five comparable listed companies in the same industry.
In addition, the prospectus shows that in 20 187-20 19, the net cash flow generated by Huaqi's environmental protection business activities was-88.482 million yuan, -8480 1400 yuan and 98.6697 million yuan respectively.
From June to June, 2020, the net cash flow generated by Huaqi's environmental protection business activities was-30,927,700 yuan, while from June to June, 2065,438+09, the net cash flow generated by its business activities was 26,548,600 yuan. Compared with the first half of 20 19, Huaqi environmental protection will return to the state of "blood loss" in the first half of 2020.
In addition, according to the prospectus and prospectus of version 20 19, the cash inflow of Huaqi Environmental Protection in 20 16-20 19 was 654.38+67 million yuan, 25/kloc-0 million yuan, 295 million yuan and 530 million yuan respectively. That is to say, during the same period, Huaqi's environmental benefit ratios were 0.97, 0.74, 0.56 and 0.96, and its net benefit ratios were 0.4 1, -3.33,-1.36 and 1.39, respectively.
Not only is it in a state of "blood loss", Huaqi is environmentally friendly, but there is also a phenomenon of high credit sales.
According to the data of Oriental Fortune Choice, from 20 16 to 20 19, the total environmental accounts receivable and bills receivable of Huaqi were 654.38+23 million yuan, 88 million yuan, 306 million yuan and 365 million yuan respectively. Among them, in the year of 20 16-20 19, the environmental accounts receivable of Huaqi were1/kloc-0, 84 million yuan, 282 million yuan and 338 million yuan respectively, and the bills receivable were 1238 yuan respectively.
According to the statistics of Jin Zhengyan's Shanghai and Shenzhen Capital Group, from 20 17 to 20 19, the year-on-year growth rates of Huaqi's environmental bills receivable and accounts receivable were -28.59%, 246.87% and 19.42% respectively. In the same period, Huaqi's environmental protection business income increased by 96. 14%, 55.5 1% and 5.27% respectively.
That is, from 20 18 to 20 19, the growth rate of accounts receivable and notes receivable of Huaqi Environmental Protection was greater than the growth rate of operating income.
And from 20 16 to 20 19, the accounts receivable and bills of Huaqi Environmental Protection accounted for 7 1.65%, 26.09%, 58. 19% and 66.0 1% of the operating income respectively.
That is to say, from 20 16 to 20 17, the proportion of environmental accounts receivable and bills in Huaqi's operating income decreased from 7 1.65% to 26.09%. However, since 20 17, the proportion of environmental bills receivable and accounts receivable in operating income of Huaqi has increased year by year. By 20 19, Huaqi environmental accounts receivable and bills accounted for 66.0 1% of operating income.
According to the data of Oriental Fortune Choice, in 20 19, the environmental accounts receivable and bills receivable in Central were1970,000 yuan, and the operating income was 654 million yuan; The accounts receivable and notes receivable of junior middle school water affairs are 265,438+065,438+0 billion yuan, and the operating income is 538 million yuan; The accounts receivable and notes receivable of Zhongzhi Co., Ltd. are 478 million yuan, and the operating income is 65.438+33.7 million yuan; Peng Yu's environmental accounts receivable and bills receivable are 849 million yuan, and its operating income is 654.38+93.3 million yuan; CCEEN's accounts receivable and notes receivable are 962 million yuan, and its operating income is 65.438+23.2 million yuan; Guozhen environmental accounts receivable and notes receivable are 654.38+34.5 million yuan, and its operating income is 465.438+70 million yuan; Jindalai's accounts receivable and notes receivable are 642 million yuan, and its operating income is 778 million yuan.
That is, in 20 19, the accounts receivable and bills of Huaqi environmental protection listed companies in the same industry accounted for 30. 15%, 39.2 1% and 35.5% of the current operating income respectively.
It can be seen that in 20 19, Huaqi environmental accounts receivable and bills accounted for 66.0 1% of operating income, which was higher than other five comparable listed companies in the same industry except Jindalai and China Construction Huaneng.
It is worth mentioning that the accounts receivable and notes receivable of related parties of Huaqi Environmental Protection account for more than 40%.
In 20 17-20 19, the total accounts receivable and bills of Huaqi environmental protection related parties were 1746800 yuan, 13, 44 12700 yuan, 17 and 7/respectively.
2. The supplier of "1" may be confused with many companies, and the transaction amount exceeds 20 million yuan.
It should be pointed out that in 20 18, Huaqi Environmental Protection purchased more than 20 million yuan from its second largest supplier. However, the company is either a "1" company and uses telephones with 68 companies, so the authenticity of the transaction data is in doubt.
According to the prospectus, Maanshan Wan Tai Building Materials Trading Co., Ltd. (hereinafter referred to as "Wan Tai Building Materials") is the second largest supplier of Huaqi Environmental Protection with a price of RMB 20 156 1 10,000, accounting for 5.8% of the total procurement of Huaqi Environmental Protection in this period.
According to the data of Market Supervision Administration, from 20 17 to 20 19, the number of social security contributors of Wan Tai Building Materials is zero. Among them, in 20 19 years, the number of building materials employees in Wan Tai was only 1 person.
It is worth noting that in 20 17, the telephone number of Wan Tai Building Materials is15156700001,while in 20 18-20 19, the telephone number of Wan Tai Building Materials is/kloc.
According to public information, as of June 2020165438+1October 65438+March, * * 75 enterprises used 13696738766 as the contact number.
That is to say, as the second largest supplier of Huaqi Environmental Protection, Wan Tai Building Materials may be a "1" company, and the transaction volume between Huaqi Environmental Protection and Wan Tai Building Materials reached 2 156 1 10,000 yuan. In addition, Wan Tai Building Materials also conducted telephone talks with 75 enterprises. What is the authenticity of the transaction amount between the two parties? Still the "question mark".
Three. He Kun Building Materials signed more than 5 million contracts the month it was established, and the supervisor and the shareholder of Wan Tai Building Materials may be the same person.
The question about suppliers is not over yet. In the month when a pipe supplier of Huaqi Environmental Protection was established, the two parties signed a contract exceeding 5 million yuan.
According to the prospectus, Anhui He Kun Building Materials Co., Ltd. (hereinafter referred to as "He Kun Building Materials") is one of the pipe suppliers of rural sewage treatment project in Wuhe County of Huaqi Environmental Protection, and the contract amount of Huaqi Environmental Protection purchasing from He Kun Building Materials is expected to exceed 5 million yuan.
It is worth noting that the signing date of the purchase contract between Huaqi Environmental Protection and He Kun Building Materials is 2065438+September 2009. According to the information of the Market Supervision Administration, He Kun Building Materials was established on September 3, 20 19.
In other words, Huaqi Environmental Protection signed a purchase contract with He Kun Building Materials in the month of its establishment.
In addition, He Kun Building Materials also telephoned 13 1 enterprise.
According to the data of the Market Supervision Administration, the telephone number of He Kun Building Materials registered in the 20 19 annual report is18055154972; 20 19, and the number of social security payers of He Kun building materials is 0.
According to public information, as of June, 2020,165438+1October 13, * * * has10/enterprise, and the contact telephone number is18055/kloc-.
In this 13 1 enterprise, there is a company named Anhui Zhong Ling Enterprise Management Co., Ltd. (hereinafter referred to as "Zhong Ling Enterprise"), and its business scope includes but is not limited to "enterprise registration consultation; Enterprise qualification affairs agency; Certification consultation; Conference services; Financial management consulting; Acting for social security affairs; Engineering information consultation; Project management ",etc. According to its business scope, it can be seen that the company is still a financial company.
In addition, according to the data of the Market Supervision Administration, the supervisor of He Kun Building Materials is Lv Jing.
According to the prospectus, Wan Tai Building Materials, the second largest supplier of Huaqi Environmental Protection 20 18, is owned by "Lv Jing" and holds 0% equity of Wan Tai Building Materials/KLOC-0. In addition, Huaqi Environmental Protection purchased all pipelines from Wan Tai Building Materials and He Kun Building Materials.
Then, what if Lv Jing, one of the shareholders of Wan Tai Building Materials, is Lv Jing, the supervisor of He Kun Building Materials? Is there a "connection" between Wan Tai Building Materials and He Kun Building Materials? It is still unknown.
Coincidentally, another pipe supplier of rural sewage treatment project in Wuhe County was established less than half a year ago and also signed a contract with Huaqi Environmental Protection.
According to the prospectus, Anhui Jing Rong Pipe Technology Co., Ltd. (hereinafter referred to as "Jing Rong Pipe") is one of the pipe suppliers of rural sewage treatment project in Wuqi County, and the contract amount of Huaqi Environmental Protection Xiangrongjing Pipe is expected to exceed 5 million yuan.
It is worth noting that the signing date of the purchase contract between Huaqi Environmental Protection and Jing Rong Steel Pipe is 2065438+September 2009. According to the information of the Market Supervision Administration, Jing Rong Pipe Industry was established on April 2, 20 19. That is, Jing Rong Steel Pipe began to cooperate with Huaqi in environmental protection less than half a year after its establishment.
In addition, according to the data of the Market Supervision Administration, the telephone number of this enterprise in the annual report of Jing Rong Guan2019 is 13965390028, and the number of social security payers is zero.
According to public information, as of June, 2020 165438+ 10/3, * * * 37 enterprises have used the above telephone number.
In other words, less than half a year after its establishment, Jing Rong Pipe Industry has become the supplier of Huaqi Environmental Protection Pipe Industry, and Jing Rong Pipe Industry is a "zero-person" company. How can you hold up an order of more than 5 million yuan? pass comprehension
Four, cooperation with "problem" suppliers, the purchase amount reached tens of millions of yuan.
Historically, during the reporting period, Huaqi environmental protection suppliers have "stepped on the thunder" and have not been approved to build first.
According to the prospectus, Jiangsu Jinboya Environmental Protection Equipment Co., Ltd. (hereinafter referred to as "Jiangsu Jinboya") is the third largest supplier of Huaqi environmental protection with a price of 2014,986,700 yuan, accounting for 3.54% of the total procurement in the current period.
According to Huan Yi's penalty decision [2065438+09] No.37-1,Jiangsu Jinboya started the construction of "environmental protection equipment" processing and production project in the second half of 20 16, and it was completed and put into operation in April-May of 20 17, affected by the ecological environment of Yixing, Wuxi.
It is worth noting that the equipment purchased by Huaqi Environmental Protection from Jiangsu Jinboya includes "environmental protection equipment".
In addition, Huaqi environmental protection engineering installation service providers also have a "black history".
According to the prospectus, from 20 17 to 20 18, Chongqing Industrial Equipment Installation Group Co., Ltd. (hereinafter referred to as "Chongqing Industry") was the fifth and third largest supplier of Huaqi Environmental Protection respectively, and Chongqing Industry provided engineering installation services to Huaqi Environmental Protection. In the same period, the transaction amount between Huaqi Environmental Protection and Chongqing Industry was 9.372 million yuan and/kloc-0.57366 million yuan respectively, totaling 25 1.086 million yuan.
According to the market supervision administration and public data, on May 25, 20 18, Chongqing industry was fined 20,000 yuan by Chongqing Jiulongpo District Environmental Protection Bureau for violating the environmental noise pollution prevention and control management system. 2065438+On April 9, 2008, Chongqing Industry was fined 1 1,000 yuan by Tongnan District Urban Management Comprehensive Administrative Law Enforcement Bureau.
In addition, during the reporting period, Huaqi Environmental Protection also hired subcontractors without construction qualification.
According to the prospectus, Huaqi Environmental Protection employs subcontractors without construction qualification in the water environment treatment project, namely Nanjing Shile Construction Engineering Co., Ltd. (hereinafter referred to as "Shile Construction") and Maanshan Dewey Construction Engineering Co., Ltd.
Among them, Shile Construction ranked the third largest supplier of Huaqi Environmental Protection in 20 17, with the transaction amount of14,627,400 yuan, accounting for 5.63% of the current purchase amount of Huaqi Environmental Protection.
Choosing to cooperate with "problem" suppliers, Huaqi Environmental Protection stated that "its procurement department strictly selects suppliers according to relevant standards and records enterprises that meet the standards in the list of qualified suppliers". Is there a "loophole" in its strict supplier screening mechanism? I don't know.
He who climbs high will fall hard. How Huaqi Environmental Protection will be "deus ex" this time is still unknown. Jin Zhengyan's Shanghai and Shenzhen Capital Group will further study it.